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Global Fixed Income team

Meet the team

The Global Fixed Income team has an average industry experience of 24 years. Before joining Liontrust in early 2018, David Roberts and Phil Milburn worked together at Kames Capital for 14 years, where David was Head of the Fixed Income team and Phil was Head of Investment Strategy. They launched one of the first strategic bond funds in 2003 and have been investing in high yield on a global basis from the same time. Donald Phillips also joined Liontrust in 2018 and worked with David and Phil at Kames Capital for three years. Before Liontrust, Donald was an investment manager in the Credit team at Baillie Gifford, being co-manager of the Baillie Gifford High Yield Bond Fund from June 2010 to 2017 and the US High Yield strategy. 

 

Our investment process

The process is designed to take advantage of inefficiencies in fixed income markets through a thorough understanding of the economic environment and detailed bottom up stock analysis.
The process uses the same framework to garner a thorough understanding of the economic environment and for bottom up stock analysis: fundamentals, valuations and technicals (FVT). 
These three factors are examined regardless of whether the managers are considering a duration position or an investment in a speculative grade rated company. In judging whether a company is attractive long-term investment, the managers analyse the following factors, which they call PRISM.
  • Protections: operational and contractual, such as structure and covenants
  • Risks: credit, business and market
  • Interest cover: leverage and other key ratios
  • Sustainability: of cash flows and environmental, social and governance (ESG) factors
  • Motivations: of management and shareholders
 

Funds managed by the team

The fund managers believe fixed income markets are inefficient and there are myriad ways of adding value to investors’ portfolios. The inefficiencies are caused by many market protagonists who are not price sensitive, ranging from the macroeconomic distortions caused by central banks to the idiosyncratic scenarios when companies need to raise debt finance and price accordingly.

"It is vital that investors are selective when choosing bonds and funds to include in their portfolios. Not only do some bonds rise in price at the same time as others are falling, some bonds are more likely to follow the direction of the equity market than that of the bond market."